The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
It’s the largest fine to date against any bank by the Consumer Financial Protection Bureau and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
Anchorage Digital, founded in 2017, plans to open a physical office in the Indianapolis area and hire another 10 people here by year’s end.
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
The Fed on Thursday approved a set of rule changes that implement legislation passed by Congress last year to loosen restrictions, particularly for smaller community banks, imposed by the Dodd-Frank Act passed in 2010.
The House voted 258-159 to approve legislation rolling back the Dodd-Frank law, notching a legislative win for President Donald Trump, who made gutting the landmark law a campaign promise.
House Bill 1319, which would allow the short-term loan industry to offer high-interest consumer loans, is opposed by veteran groups, religious institutions and consumer advocates.
The president will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped banking rules after the 2008-09 financial crisis.
Proposed new federal rules aim to make sure borrowers of short-term, high-interest payday loans have the ability to repay them.
Now we know exactly how much of a fortune—or not—that larger, Indiana-based banks are generating from those ill-timed debit and ATM transactions.